OfflineHi guys. I have a woman that called off one of my bandit signs Im trying to help. I dont know if I can do anything at this point for her but i figured I'd ask you guys anyway.
She has a house here in CT, Amston to be exact. she owes 310,500 about and is 15,000 behind on her payments. She said she tried to restucture the loan with the bank (wells fargo) but they just started the foreclosure process instead, I thought that a lease option could be an option if I could get someone to give me say 20k down and make the 2500 a month payments but That wont be easy at all because the house is priced so high. Besides if the bank wont work with her anymore I cant have her hold the mortgage anyway.
Then another option is that she has another house thats smaller which she had rented out and is planning to move into at this point, I suggested trying work on that home instead and using the money to salvage the home she lives in now. She insisted though that she cant do that because her business is so bad that she would just be in the same boat again in a matter of time.
If anybody has any other suggestions I would appreciate it. If anybody thinks they could do something and make something of it then contact me and we could work something out.
Thanks guys
Any solutions
Posted on: Fri, 10/05/2012 - 13:35
Any solutions
__________________
-
- by Dinosport
- Login to post comments
You failed to mention what the ARV of the place is and how much the rehab/remodel costs are.
1. If she has equity, she could list the house with your agent and sell the place before the auction (If she has time) You won't make any money, but you will win some serious points with your agent for the referral.
2. If she is upside down, a short sale may work.
3. You could do a long term L/O (or an assignable L/O) with her. You might be surprised how many tenant/buyers there are on higher end houses.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Oh sorry about that the ARV on that house is about 315,000 and she still owes 310,500 her monthly payments are 2550 a month. I dont know how much time she has before they take posession of the house. She told me that she was trying to either restructure her mortgage or shortsale it but the bank doesnt even want to work with her anymore.
The home has 30yr shingles and the house is about that old but nothing is leaking or anything, other than that it doesnt need much more than a coat of paint.
That alone would put her upside down.
Stories like this are hard. Many of our students are kind and compassionate people. They want to help when they see a problem. This lady has a problem. The problem is her bank is now involved. This makes helping her very difficult. Before she started missing payments the options were varied and several. Now the squeeze is on. She will lose the house and her credit. I feel bad for her, but the numbers at this time are pretty tight.
Roy Voeks
Official RE Coach
Yes I do feel bad for her. She has her own business and is working very hard, everytime i call her she is working. I really wish I could help pretty much even if I dont really make much. I already spoke to my realtor about her, so Im gonna hook them up and see what my realtor can do for her. I have other leads so I guess its time for me to move on.
Thanks for help guys I really appreciate it.
Dave
Hi David, I might be able to help. My company has contracts with some major banks and I could see if what they want is feasible. Please shoot me a PM with your phone number?
Joseph